Fed Chairman Greenspan
Testifies on Asian Economy

Updated Jan. 30, 1998 11:21 a.m. ET

The following is the complete text of testimony by Federal Reserve Chairman Alan Greenspan on Friday, Jan. 30, before the House Banking Committee.

The global financial system has been evolving rapidly in recent years. New technology has radically reduced the costs of borrowing and lending across traditional national borders, facilitating the development of new instruments and drawing in new players. One result has been a massive...